Xuhui Capital (徐汇资本)
About Xuhui Capital (徐汇资本)
Crunchbase describes Xuhui Capital (Shanghai Xuhui Capital Investment Co., Ltd.) as a wholly state-owned venture capital platform under the Xuhui District State-owned Assets Supervision and Administration Commission in Shanghai. Its founding date and founding team are not clearly public. Third-party databases give conflicting details, so we leave them out. Ma Xi, general manager of Xuhui's technology venture arm (徐汇科创投), has spoken publicly about the firm's AI fund strategy. No partner roster for AI investing is public.
Xuhui Capital is a government-backed investor tied to Xuhui's AI cluster. Its CiMicro.Ai statement cited Xuhui's generative AI ecosystem around the 'Model Speed Space' (模速空间) hub. It was one of the state platforms that, with Shanghai Guotou, MiHoYo, SenseTime and Bilibili, launched the Shanghai AI Ecosystem Fund. That fund targets RMB 10 billion, with RMB 3 billion in its first phase and a first close of RMB 500 million. It is managed by Shanghai Guotou Futeng Capital and focuses on AI infrastructure, foundation and vertical models, and next-generation on-device AI applications.
Since 2023, Xuhui's technology venture arm has set up five controlled funds: the Qingmiao fund, two VC funds and two PE funds. They cover AI compute, infrastructure, models and applications. Reported cumulative commitments are RMB 2 billion.
The Qingmiao fund (徐汇人工智能青年创业基金) was set up in September 2025 with RMB 2 billion in total. Sequoia China is its special investment adviser. Its stated approach is to invest early, small, in hard technology and in young founders. As of the end of July 2026 it had received more than 600 projects and approved more than 100, with over RMB 140 million committed. Most of those companies were raising their first round. The other four funds span early to mature stages, including PE. Individual check sizes are not public. The Lounge deals desk records Xuhui Capital in two seed rounds in 2026.
- Motion Brain: seed round of about $74.2M (CNY 500.0M) in August 2026, with several co-investors. We could not confirm what the company builds.
- CiMicro.Ai: Shanghai AI inference chip designer. It closed a seed round of nearly RMB 100 million in May 2026, co-led by Oriental Fortune Capital and Jiyuan Capital, with Xuhui Capital participating. It builds the Qingheng HPU architecture.
- MiniMax, StepFun (阶跃星辰), Infinigence (无问芯穹) and SJ Semiconductor (盛合晶微): Xuhui's technology venture funds list these as invested projects. Rounds and years are not given.
Investing activity
Xuhui Capital (徐汇资本) appears in 2 AI deals tracked by the Lounge deals desk, rounds totalling $89M. The rounds are mostly Seed, with a median round size of $74M. The most recent are Motion Brain (Seed, $74.2M (CNY 500.0M), Aug 2026) and CiMicro.Ai (Seed, $14.7M (CNY 100.0M), May 2026).
Xuhui Capital (徐汇资本) most often invests alongside Glacier Capital, Tianmeng Investment, Shaanxi High-tech Industry Investment and Anyu Capital, and the companies it backs on Lounge are mostly in AI.
Deals
Frequently asked questions about Xuhui Capital (徐汇资本)
Does Xuhui Capital invest in AI startups?
Yes. It is a Shanghai state-owned platform with AI-focused funds, including the Qingmiao fund. It took part in the 2026 seed rounds of CiMicro.Ai and Motion Brain.
What stage does Xuhui Capital invest at?
The Qingmiao fund targets very early companies, and most of its approved projects were raising a first round. Its other four funds cover early to mature stages, including PE.
How big are Xuhui Capital's AI funds?
The Qingmiao fund has RMB 2 billion in total. Xuhui's five controlled funds have committed RMB 2 billion in aggregate. Xuhui Capital is also one of the sponsors of the RMB 10 billion Shanghai AI Ecosystem Fund, which is managed by Shanghai Guotou Futeng.
What AI sectors does Xuhui Capital focus on?
Its funds focus on the AI industry chain: compute, infrastructure, models and applications. The Qingmiao fund also highlights embodied intelligence and smart hardware.
What is the typical check size for Xuhui Capital?
Check sizes are not public. Xuhui's Qingmiao fund reports over RMB 140 million committed across more than 100 approved projects.
What AI companies has Xuhui Capital (徐汇资本) invested in?
Xuhui Capital (徐汇资本)'s AI investments include Motion Brain and CiMicro.Ai. The 2 rounds on Lounge are listed on this page with amounts, dates and co-investors.
What stage does Xuhui Capital (徐汇资本) invest at?
In the rounds tracked on Lounge, Xuhui Capital (徐汇资本) has invested at Seed, with a median round of $74M.
Who does Xuhui Capital (徐汇资本) co-invest with?
Xuhui Capital (徐汇资本)'s most frequent co-investors on Lounge are Glacier Capital (1 deal), Tianmeng Investment (1 deal), Shaanxi High-tech Industry Investment (1 deal), Anyu Capital (1 deal) and Jinyue Investment (1 deal).
How can founders reach Xuhui Capital (徐汇资本)?
Founders on Lounge can see Xuhui Capital (徐汇资本)'s contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Xuhui Capital (徐汇资本) to their Investor Pipeline to track the conversation.